Unity Foods losses triple to Rs596.6m
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MG News | April 30, 2024 at 03:11 PM GMT+05:00
April 30, 2024 (MLN): Unity Foods Limited (PSX: UNITY) recorded an increase of almost 3x YoY in its losses, with its loss after tax widening to Rs596.58 million [LPS: Rs0.5] compared to a loss of Rs201.7m [LPS: Rs0.17] in the same period last year (SPLY).
Going by the results, the company's sales revenue shrank 45.9% YoY to Rs15.13bn as compared to Rs27.94bn in SPLY.
The cost of sales also fell by 37.1% YoY but was lesser than proportionate to sales decline, which worsened the gross profit by 83.4% YoY to Rs875.19m in Q1 2024.
The gross margins fell significantly to 5.79% as compared to 18.90% in SPLY.
During the period under review, other income also fell by 34.3% YoY to stand at Rs228.77m in Q1 2024 as compared to Rs348.25m in SPLY.
The company’s finance cost rose by 56.3% YoY and stood at Rs1.63bn as compared to Rs1.04bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs58.28m against the Rs904.48m paid in the corresponding period of last year, depicting a fall of 93.6% YoY.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 15,125,699 | 27,940,058 | -45.86% |
| Cost of sales | (14,250,514) | (22,658,182) | -37.11% |
| Gross Profit/ (loss) | 875,185 | 5,281,876 | -83.43% |
| Administrative Expenses | (201,998) | (207,196) | -2.51% |
| Selling And Distribution Expenses | (235,601) | (288,106) | -18.22% |
| Other Gains / (Losses) | 304,321 | (5,200,710) | - |
| Other Income | 228,768 | 348,254 | -34.31% |
| Finance Cost | (1,625,535) | (1,040,297) | 56.26% |
| Profit/ (loss) before taxation | (654,860) | (1,106,179) | -40.80% |
| Taxation | 58,283 | 904,477 | -93.56% |
| Net profit/ (loss) for the period | (596,577) | (201,702) | 195.77% |
| Basic earnings/ (loss) per share | (0.50) | (0.17) | - |
Amount in thousand except for EPS
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